Terraform Global Warns of ‘Material Weakness’, Kicks $SUNE into the Abyss

Gameover for the clowns over at SUNE. They should’ve stayed a pathetic semiconductor company called WFR. Now that they’re this nefarious solar company with tracking stock smoke and mirrors, they’ll be forced to simply go away, twist in the wind with the sand of time.

Terraform is out with a warning of the first magnitude. It appears the end is near and GLBL is trying to warn investors that an eventuality of the highest order of seriousness  is about to transpire.

* Sees filing of annual report on form 10-k for fiscal year ended December 31, 2015 to be delayed beyond march 30, 2016

* Expect to file a form 12b-25 on or prior to march 30, 2016

* Currently have identified a material weakness in internal controls over financial reporting

* Have not yet completed all steps and tasks necessary to finalize financial statements and other required disclosures
* Sunedison has not performed as obligated under management services deal, in particular with respect to financial reporting, control matters

* Sunedison has not or may not be able to perform under other agreements, including deal with respect to contribution of projects in Uruguay, India

* Sunedison has not or may not be able to perform under other deals, including pending dropdown of some India project portfolio of 425 MW bought by Terraform Global Llc

* If Sunedison does not perform under some agreements, it could have a material adverse effect on Terraform global

* Due to Sunedison’s liquidity difficulties, there is a substantial risk that Sunedison will soon seek bankruptcy protection

* If Sunedison seek bankruptcy protection it would have a material adverse effect on Terraform global

* In addition, Sunedison, inc. Has experienced delays in completing construction of Bora Bora wind power project

* In event Sunedison seeks bankruptcy protection, Terraform global will have sufficient liquidity to support its ongoing operations

* Sunedison has not performed as obligated under management services agreement

* Terraform global llc, Sunedison Holdings corp may agree to substitute projects initially anticipated to be transferred with different project

* Sunedison holdings corporation has not yet proposed any substitute projects

* In active discussions with credit lenders to obtain extension with regarding required delivery of form 10-k for year ended Dec 31, 2015

Shares of SUNE and GLBL are plunging, as well as the shares of the related TERP.

The assholes over the Luxor Capital are trying to avoid the inevitable. Instead of accepting their fate into the blackhole of funds who’ve failed before them, they’ve created a special purpose vehicle in which 12% of their assets will be placed to avoid sending it back to investors wanting out.

I get it. You can’t believe how the market treated you and you’re hell bent on getting it back. Word to the wise: accept your fate and stop with the parlour tricks. If your investors want out, let them get out.

Luxor Capital, a $3.8 billion hedge fund that has been losing money for months, said on Monday it will not be returning exiting investors cash in full, keeping a portion locked up until some illiquid investments can be sold.
Instead of returning all exiting clients’ assets in cash, investors will receive 88 percent of their money back while 12 percent of the investments will be held in a so-called special purpose vehicle, Luxor’s founder, Christian Leone, wrote in a letter seen by Reuters.
“For those investors in the Fund that have submitted withdrawal requests for March 31, 2016 and for subsequent withdrawal dates, we will transfer a pro rata share of the applicable assets into a special purpose vehicle (SPV),” Leone wrote.
Only clients who asked to get their money out on April 1 and July 1 will see a portion of their money put into the SPV and the fund will not charge any fees on these assets.
Special purpose vehicles and side pockets are permitted at hedge funds but they are often viewed as a last resort that sour investors, and they have not been widely used since the 2008 financial crisis when many hedge funds posted heavy losses.
But consultants have said that if illiquid positions become large, then it is prudent to segregate them and not charge fees until gains are realized.
After sending the letter, Leone held a brief conference call with investors where he identified the four illiquid securities being put into the special purpose vehicle. Together they make up 12 percent of the portfolio, he said.
They include food delivery service Delivery Hero, which Leone said makes up more than half of the exposure and has seen a “multifold appreciation since we initially made the investment.” Additionally private equity investments in online food ordering service Foodpanda and drilling company Ascent Resources are in the SPV as well as preferred stock of Altisource Asset Management.
But in 2015 it lost 19.2 percent when the average fund lost about 1 percent and it started 2016 with a 5.2 percent loss in January. This unnerved some clients, including Rhode Island’s state pension fund, which gave Luxor $50 million to invest in 2014, to exit. Last week its investment committee voted to pull its money out at the end of June and the fund told Reuters that it expected to receive $35 million back.
Luxor did not say when it expects to return the rest, saying only “We will continue to actively manage the assets held by the SPV until we can liquidate them in an orderly manner.”

The market has been brutal in recent years. Anyone who says otherwise, or pretends that its been easy, is either laying or a fraud, or this market was built for him. Either way, there is no shame in accepting defeat and moving on. There is shame, however, in being a sore loser.

EgyptAir MS181 was hijacked by a man claiming to have a suicide belt on. He ranted and raved, threatened to blow up the plane. Then, he made the plane land in Cyprus, where he released the women and children. Then he released everyone except a few foreigners and the crew. Then he said the reason why he hijacked the plane was to contact his ex-wife who lives in Cyprus.

Fuck this shit and this guy. I am going to sleep.

News is breaking right now that EgyptAir flight  MS181 heading from Alexandria to Cairo has been hijacked and re-routed and forced to land in Cyprus.

Officials are worried there is a bomb onboard, which is housing dozens of passengers.

Update: police are being told to back away from the plane. It is believed the terrorist(s) may be strapped with explosives.

Update: It is believed there is only one hijacker making demands. Women and children are being let off the plane. There are 81 people onboard.

Update: 10 American and 8 Brits are onboard. Why?

Update: all of the passengers except 4 foreign passengers and the crew (7) have been released.

UPDATE: reports that the hijacker’s name is Ibrahim Samaha.

What if someone came in with an April 12th bid that crushed an April 11th offer? This deadline business is more child’s play on the part of Marissa Mayer and her whimsical band of retards running the web giant into the ground.

Yahoo asked bidders details regarding financing, conditions or approvals that would have to be met on their end, and what key assumptions they would be making by deciding to move forward with a deal, the Journal said, citing a letter sent to possible bidders.

Oh, just in case you were unfamiliar with Marissa Mayer’s employment contract, she stands to leave the company in true robber baron fashion, capturing $37 million in bonuses, if she’s able to sell the piece of shit. She’d get 3 year’s salary at $3 mill per, $9.5 mill in stocks awards through 2016 and another $24.5 mill in awards that will vest ‘down the road.’

Literally anyone could’ve done a better job running Yahoo.

I am sure if given the chance to purge, if only for one night. Jeffrey Gundlach, a manager of $93 billion for DoubleLine, would choose vengeance against the hawkish members of the Federal Reserve. In light of today’s 0.6% GDP forecast by the Atlanta Fed, Gundlach is tossing cannonballs at the ‘faction of five’, a term he dubbed to describe assholes on the Fed.

“With GDPNow just slashed to 0.6 percent, an April rate hike should be inconceivable.”  What would last week’s ‘faction of five’ say now?” Gundlach was referring to the hawkish tone on interest rates by Atlanta Fed President Dennis Lockhart, St. Louis Fed President James Bullard, San Francisco Fed President John Williams, Federal Reserve Bank of Richmond President Jeffrey Lacker and Federal Reserve Bank of Philadelphia President Patrick Harker.

This goes without saying. But you’d never know it after talking with your local investment advisors.

The commodity sector has been home to some of the best performing stocks for 2016. After a debilitating Q4 of 2015 and first month of 2016, steel, oil, copper and aluminum have soared to the tune of 30%, with broader raw commodity gains in crude upwards of 50%.

Nonetheless, without the succor of real fundamental upside, said shares are vulnerable to a most heinous reversal in fortune.

Barclay’s agrees.

“Investors have been attracted to commodities as one of the best performing assets so far in 2016,” he said in the March 28 report. “However, in the absence of any concerted fundamental improvements, those returns are unlikely to be repeated in the second quarter, making commodities vulnerable to a wave of investor liquidation.”

“Given that recent price appreciation does not seem to be very well founded in improving fundamentals, and that upward trends may prove difficult to sustain, the risk is growing that any setback will result in a rush for the exits that could again lead commodity prices to overshoot to the downside,” he said.

“Key commodities markets such as oil and copper already face overhangs of excess production capacity and inventories, but also now face another obstacle in the recovery process, that of positioning, which is now approaching bullish extremes,” Norrish said.

For the year, SID, AKS and CLF are up more than 75%.

This is overreaching in the first magnitude. Pamela Lampitt, the democrat assemblywoman from the disheveled area of Cherry Hill, NJ, wants to make texting and walking a criminal offense. More than that, she wants it enforced in such as way that it could incur jail time of up to 15 days, in addition to a fine, for bumping into folks on the sidewalk?

She cites some cock-eyed study of more than 11,000 cases that resulted in ‘some injuries.’ Her number one reason to pass such an Orwellian law is because ‘it’s just as dangerous as jay-walking.’

The fuck…out of here with this shit.

Something doesn’t smell right about this. Apple wins by being praised as the champion for privacy. The government wins by being able to access the phone, without the help of Apple.

Oh really?

Perhaps Apple made a backdoor deal to provide access, without making them look like the evil bastards that they truly are?

“The government has now successfully accessed the data stored on Farook’s iPhone and therefore no longer requires the assistance from Apple Inc. mandated by Court’s Order Compelling Apple Inc. to Assist Agents in Search dated February 16, 2016,” U.S. attorney Eleen M. Decker and assistant U.S. attorney Tracy L. Wilkison wrote.

The fuck out of here.

Theranos is full of shit, part 100.

I am sure board members, like George Shultz and Henry Kissinger, are wrought with confusion and anger over the spate of recent allegations depicting Theranos as a fraud, as its founder, Elizabeth Holmes, gallivants around town fundraising for H. Clinton.

According to a study done at the Icahn School of Medicine at Mount Sinai, cholesterol blood test results appreciably differed from competitors Labcorp and Quest. Naturally, both Quest and Labcorp could be the wrong parties and the college drop out, Elizabeth Holmes’ innovative finger prick results, might measure supreme in comparison. But, the Journal of Clinical Investigation thinks not and published this study, much to the chagrin of Theranos –who tried to coax them into shelving the story.

The good doctors from the Journal of Clinical Investigation told Theranos to fuck off and published said report with both vigor and tenacity.

The study included 60 healthy patients and the results were alarming. On average, Theranos was lower by 9.3%, compared to Quest and LabCorp, which is enough to halt doctors from prescribing statins to treat for high cholesterol.

According to the Dr. Schadt, professor and chair of Genetics at Mt. Sinai, the good folks from Theranos didn’t respond to his reports. He believes the pinprick results might’ve been tainted by dilution of the sample, or something of that magnitude.

The saga continues.